It has been revealed in today’s budget that petrol duty is set to rise by 2p in September and then another 1p consecutively every April up until 2013.
This means that fuel costs are once again set to sit on the brink of £1 per litre, further compounding motorists frustration with what is becoming a less and less sustainable means of transport. Good news for bicycle dealers.
However, as part of the Government’s plans to revive the motor industry, the plan to offer £2,000 to those who scrap cars older than ten years, replacing them with new vehicles, was confirmed.
The budget also briefly touched on investment in ‘green industries’ with a ‘strategic investment fund’ of £750 million announced, a third of which will be set aside specifically for low-carbon projects.
The full document can be downloaded via the BBC, here.